Accounting Questions and Answers

An expense is said to be revenue in nature if it

Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)

Amount owing to Bar creditors is

Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)
Gross profit from Bar trading is

Use the information to answer the given question.

RECEIPTS AND PAYMENTS ACCOUNT: \(\begin{array}{c|c} & & N & & N \\ \hline \text{Balance - 1st January} & 2002 & 200 & \text{Bar supplies}& 2,850\\ \text{subscriptions received:} & & & \text{wages} & 350\\ & 2002 & 3,600 & \text{General expenses} & 400 \\ & 2003 & 250 & \text{Printing expenses} & 120 \\ \text{Receipts from Bar} & & 4,500 & \text{Equipment} & 200 \\ \text{receipts from dance} & & 500 & \text{Repairs} & 200 \\ \text{Sundry receipts} & & 400 & \text{Balance - 31st December} & 4,880 \\ & & \overline{9,450} & & \end{array}\)

ADDITIONAL INFORMATION:

\(\begin{array}{c|c} & \text{1/01/02} & \text{31/12/12} \\ & N & N \\ \hline \text{Equipment} & 4,500 & 5,150\\ \text{Stock - Bar} & 1,200 & 3,200 \\ \text{Bar supplies} & 2,400 & 5,600\end{array}\)

Accumulated fund as at 1st January 2002 is

A unit of company's capital which can be bought is